Common misconceptions students have about entrepreneurship

There are so many assumptions and misconceptions that students hold about entrepreneurship and what it takes to become a successful entrepreneur.

It’s time to dispel some of those misconceptions!

• Entrepreneurs are born leaders: Many young people think successful entrepreneurs have an inborn talent on how to run a business. Not necessarily. Owning a business requires training, as well as constant research and personal development. This means you can become a successful entrepreneur if you work at it and build up the necessary skills.
• You have unlimited freedom: You shouldn’t start a business with the mentality that you would spend less time working or that it’s a time for you to relax since you are “Boss”. A mentality like this will only end up hurting your business.
• It is a way to make quick money: A lot of people believe entrepreneurship is a quick way to make money. While there is no doubt that running your business well is likely to lead to you making money, being an entrepreneur is not a shortcut to riches. Sometimes, it takes a while to break even and start making huge profits.
•  It’s all about the idea: The “idea” is not everything in itself. Success as an entrepreneur begins with the idea, yes. However, there are other key things that must be in place such as planning, strategy, execution etc. So dispel the idea once you have the idea, you are all done.

Got questions about starting a business in school? Ask them in the comments section.